June 7, 2018 / 1:32 AM / in 4 months

PRECIOUS-Gold inches up on weaker dollar

    BENGALURU, June 7 (Reuters) - Gold prices edged higher on
Thursday, supported by a weaker dollar amid ongoing concerns
about a trade war between the United States and its allies.
    
    FUNDAMENTALS  
    * Spot gold        was 0.1 percent higher at $1,296.91 per
ounce by 0124 GMT. 
    * U.S. gold futures         for August delivery were nearly
unchanged at $1,301.30 per ounce.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, fell 0.2 percent to
93.497.       
    * U.S. President Donald Trump is not backing down from the
tough line he has taken on trade, the White House's top economic
adviser said on Wednesday, setting the stage for a showdown with
top allies at this week's G7 summit in Canada.             
    * The European Union expects to hit U.S. imports with
additional duties from July, ratcheting up a transatlantic trade
conflict after Washington imposed its own tariffs on incoming EU
steel and aluminium.             
    * The euro stayed near two-week highs against many of its
rivals on Thursday, on rising bets the European Central Bank
(ECB) may announce it will wind down its stimulus programme by
year-end as early as next week.       
    * The European Central Bank will debate next week whether to
end bond purchases later this year, the bank's chief economist
said on Wednesday, a hawkish message seen preparing investors
for another cut in stimulus.             
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.42 percent to 832.59
tonnes on Wednesday.          
    * Outflows of North American gold-backed exchange traded
funds (ETFs) rose in May, as volatility in the gold market
dragged prices lower, the World Gold Council said on Wednesday.
            
    * Rescuers were searching on Wednesday for seven workers who
went missing in at a gold and silver mine in northern Mexico
after a dam filled with liquid waste collapsed, authorities
said.             
    * The Perth Mint's sales of gold products fell about 2.4
percent in May from a month earlier, the lowest in over a year,
while silver sales rose about 21 percent, the mint said on
Wednesday.             
    * India's gold imports plunged a fifth straight month in May
to 48 tonnes as a rally in local prices to near their highest
level in 21 months curtailed retail purchases, provisional data
from precious metals consultancy GFMS and bank dealers showed.
            
    
    DATA AHEAD (GMT)
    
    0600  Germany      Industrial orders        April
    0645  France       Trade data               April
    0900  Euro zone    Revised GDP              Q1
    1230  U.S.         Weekly jobless claims
    *     China        Forex reserves           May
    
    *No exact timing

 (Reporting by Karen Rodrigues in Bengaluru; Editing by
Subhranshu Sahu)
  
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